Stocks finished modestly lower on Wednesday after the Federal Reserve issued a hawkish projection. The central bank also raised interest rates another 50 basis points.
While the Fed and macro concerns dominated trading, some individual stocks and sectors moved on more targeted news. Avidity Biosciences (NASDAQ:RNA) was a standout to the upside, jumping more than 50% after the release of clinical data.
Elsewhere, Charter Communications (CHTR) posted a double-digit percentage decline after the company announced an aggressive spending plan. Meanwhile, Advance Auto Parts (AAP) added to recent weakness to reach a new 52-week low.
Standout Gainer
The release of clinical trial data triggered a wave of buying in Avidity Biosciences (RNA), which skyrocketed 55% on the day.
The company said a Phase 1/2 study of its AOC 1001 product showed targeted delivery of RNA into a muscle. AOC 1001 is being investigated as a treatment for the root cause of myotonic dystrophy type 1, a form of muscular dystrophy.
Following the data announcement, RNA spiked to an advance of over 90%. Shares moderated from there but still ended at $17.05, a gain of $6.07 on the day.
With the rally, the stock reversed a portion of the losses seen in the previous few months. RNA recorded its highest close since late September.
Standout Decliner
Charter Communications (CHTR) suffered a massive setback after the company’s investor day included the outlining of an aggressive capital expenditure plan. Hurt by the news, shares dropped more than 16%.
The company revealed that it now plans over $10B in total capital expenditures for next year. Meanwhile, the firm also sketched a program to spend $5.5B over three years for cable network upgrades.
The larger-than-expected spending program sent CHTR reeling by $64.34 on Wednesday, with the stock closing the session at $328.34. The retreat took the stock below a recent trading range and to its lowest finish since late October.
Notable New Low
Advance Auto Parts (AAP) edged further lower, extending a downdraft that has lasted since the company issued a weak earnings report in mid-November. With the latest dip, the stock reached a new 52-week low.
Shares of the auto parts retailer finished Wednesday’s trading at $143.46, a decline of $2.26 on the session. During the day, shares touched an intraday 52-week low of $141.88.
Last month, AAP announced a quarterly profit that missed analysts’ expectations. The company also lowered its forecast. The news prompted a single-session drop of more than 15%.
With its latest slide, AAP has declined 22% since its closing price on Nov. 15, the day before the earnings announcement. All told, shares have dropped 39% in 2022.
For more of the day’s biggest winners and losers, head over to Seeking Alpha’s On The Move section.
Image and article originally from seekingalpha.com. Read the original article here.